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To me the most fascinating thing about Bitcoin is perfectly displayed in this comment thread. People act like simply because it’s computers and algorithms that

To me the most fascinating thing about Bitcoin is perfectly displayed in this comment thread. People act like simply because it’s computers and algorithms that it’s beyond the reach of law. Imagine that mentality in other fields. Like “there’s no way we can make laws against murder, because people can just sail to international waters and kill their victim and then come back” Bitcoin only has value due to people and those people are all subjects to some laws and regulations. It’s perfectly reasonable to expect over time that these laws will make bitcoin “just a boring currency” in which case it will go to zero, because it’s an absolutely horrible currency by all accounts. Anyone who has ever tried to buy a cup of coffee with Bitcoin will tell you. Bitcoins current valuation is a combination of speculation and illegal transfer of value. Both of which are extremely vulnerable to regulation, and “it’s algorithms running on computers” doesn’t protect against that, no matter how many cyberpunks have wet dreams that it does.

0x000000001 5y ago
Here is a video of what it's actually like to buy coffee with Bitcoin https://twitter.com/PeterMcCormack/status/1404472405549060100 https://twitter.com/PeterMcCormack/status/140447240554906010...
nroets 5y ago
Bitcoin is most popular in countries with high inflation and countries with capital controls. That coincides with bad policies, mismanagement or even oppression. As a citizen of such a country, I can see the attraction of Bitcoin. Bitcoin offers hard-working people a way out. (South Africa has relaxed it's capital controls to the point where I never considered buying Bitcoin. But there are some millionaires here who are not allowed to take all their money out)
- shapefrog 5y ago
  > Bitcoin is most popular in countries with high inflation and countries with capital controls. That coincides with bad policies, mismanagement or even oppression. Source please? I would have guessed; by market cap the majority is held in the US and Europe. I would have guessed: by transaction volume, the majority in the US and Europe.
  - nroets 5y ago
    China dominates Bitcoin mining and the latest crypto exchanges are either run by Chinese or are headquartered in Hong Kong. China has capital controls and little press freedom. Note that the US and Europe has highly evolved capital markets. They may have deep, liquid markets, but it does not reflect the relative popularity of Bitcoin.
panarky 5y ago
It's even more difficult to buy a cup of coffee with a Treasury bond or a kilogram of gold, yet Treasury bonds and kilograms of gold somehow retain value even without this essential capability.

0x000000001 5y ago

Here is a video of what it's actually like to buy coffee with Bitcoin https://twitter.com/PeterMcCormack/status/1404472405549060100 https://twitter.com/PeterMcCormack/status/140447240554906010...

nroets 5y ago

Bitcoin is most popular in countries with high inflation and countries with capital controls. That coincides with bad policies, mismanagement or even oppression. As a citizen of such a country, I can see the attraction of Bitcoin. Bitcoin offers hard-working people a way out. (South Africa has relaxed it's capital controls to the point where I never considered buying Bitcoin. But there are some millionaires here who are not allowed to take all their money out)

shapefrog 5y ago
> Bitcoin is most popular in countries with high inflation and countries with capital controls. That coincides with bad policies, mismanagement or even oppression. Source please? I would have guessed; by market cap the majority is held in the US and Europe. I would have guessed: by transaction volume, the majority in the US and Europe.
- nroets 5y ago
  China dominates Bitcoin mining and the latest crypto exchanges are either run by Chinese or are headquartered in Hong Kong. China has capital controls and little press freedom. Note that the US and Europe has highly evolved capital markets. They may have deep, liquid markets, but it does not reflect the relative popularity of Bitcoin.

panarky 5y ago

It's even more difficult to buy a cup of coffee with a Treasury bond or a kilogram of gold, yet Treasury bonds and kilograms of gold somehow retain value even without this essential capability.